Bank of America will begin $20 minimum wage early


(CNN) – Bank of America is raising its minimum wage to $20 an hour in 2020 – a year early.

It’s due to banks struggling to find workers, thanks to the tight job market.

Previously, Bank of America planned to increase paychecks in 2021.

But the bank is bumping up it’s timeline, saying it wants to share the company’s success with its employees.

Two years ago, the bank’s employees got a raise to a minimum of $15 an hour.

Bank of America is not the first bank to boost minimum wages.

In June, Citigroup lifted its minimum wage to $15 an hour.

JP Morgan Chase also announced that its raising wages.

Many retail companies, including Amazon and Walmart have increased pay.

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(This story was originally published on November 4, 2019)

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